Wheat trades near contract lows under ample global supply

Chicago wheat futures ended higher on Friday, but hit their biggest weekly drop since June as abundant and cheap global supply kept prices near an eight-week low. Soybean futures declined for a sixth day, reaching their lowest price since October 24, as speculators continued to unwind long positions due to ample supply and doubts over Chinese demand. Corn dipped after two days of gains driven by brisk U.S. exports. The most-active wheat contract on the Chicago Board of Trade settled 2 cents higher at $5.09-3/4 per bushel. “It’s an overall negative fundamental picture for wheat,” said Randy Place, analyst at Hightower Report. In a year of abundance for grains, big ongoing wheat harvests in Argentina and Australia are pouring new supply onto the market. Early prospects for next year’s harvests appear favourable, with top exporter Russia projecting a bumper crop of 90 million metric tons, officials said on Thursday. CBOT soybeans settled 3 cents lower at $10.49-1/4 per bushel. CBOT ...